Why We Don’t Share Our Main Checking Accounts
Some people do not understand why my spouse and I do not share our main checking account. (Main checking account definition: the account our pay goes into). It’s simple, there is no need to share every account we have. This method is not for everyone and there is nothing wrong with sharing your main bank account. We just found there are more advantages to keeping things a little separate. Here are a few reasons why:
- Financial Freedom
There are relationships out there where asking permission to make every purchase is a thing. This is not the case for us. I feel you need something of your own and if you have the funds in your account you should be able to make the purchases you want to make. Now, I don’t mean go “making it rain” all over the place. If you are both logical individuals and understand how to live within your means. There is no reason having separate bank accounts should be an issue.
- Less Worry
The constant questioning. “Did you make this purchase, I don’t recognize it, did you make it”? You should always remember what you bought. If you look at your statement today you should recognize every purchase. If not by the name, by the amount.
- Keep a joint checking account for BILLS ONLY
We do keep a joint checking account for bills only. Every pay check that comes in, a set amount from each of us goes into the joint checking account. The joint account has no debit cards connected to it. BILLS ONLY means BILLS ONLY. This account also helps us keep track of our needs vs extras.
- A smaller balance in your account
If you share an account your balance is going to be higher. This may make you and your spouse feel like you have more spending money. Meaning larger purchases and less saving.
- Surprises can still happen
You can still buy each other gifts without the other knowing. My spouse and I rarely partake in gift exchanging, but if you still do exchange gifts, separate accounts keeps the surprise an actual surprise. You can even treat each other to dinner once in a while.
Even though my significant other and I have separate bank accounts there is no mine or his. Everything is still ours. We just have a system in place to keep us better financially stable. Down the road I will let you in on our full process for breaking down our funds.
Thank you and happy reading!